PA Real Estate Exam Questions with Correct Answers 100% Verified By Experts| Latest
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Bilateral What is a type of contract in which two parties are legally bound to act?
Grantee What is the name of the party who acquires the title to real property in a deed?
Biennial What is one word that indicates how often a Pennsylvania salesperson's license is
required to be renewed?
Testate What is the condition called when a person dies with a will?
Lis Pendens What is the recorded legal notice that shows existing court action against real
property?
Capitalization What is the process of estimating the value of real property by using the rate
of return and the annual net income?
Open End Mortgage What is the type of mortgage in which the mortgagor could receive
future advances by increasing the the debt up to its original amount?
Redlining What is the act called of denying mortgages to applicants from a certain area
based on factors other than financial qualifications?
$2800 How much money would be charged as the result of a four point origination fee on a
$95,000 property on which there is a $70,000 mortgage?
Statue of Fraud What is the name of the state law that requires agreements of sale to be in
writing?
,Constructive Eviction What is the name of the process by which a tenant is allowed to
abandon a leased property without legal consequences if the landlord causes that leased
property to become uninhabitable?
Usury What is the practice of charging a rate of interest that is higher than is allowed by
state law?
Title Theory The lender is the owner of the mortgaged real estate according to what theory
of mortgage law?
Suit or Action to Quiet Title What is filed in court to settle a cloud on the title and determine
the ownership of real property?
Satisfaction of Mortgage What recorded document indicates that the mortgage has been
paid in full?
Debt What is any amount of money that is charged to someone on a closing statement and
is required to be paid?
Easement in Gross The right of way held by a railroad is an example of what type of
easement?
Avulsion The unexpected and dramatic loss of land as the result of an earthquake is
represented by what real estate term?
43,560 How many square feet are within acre of land?
Ad Valorem Because a tax on real property is based not on the value of the property it is
known as what type of tax?
, Chattels, Personalty List two term that mean personal property
Abstract of Title A brief history of the titles for a piece of land. What is this called?
Eminent Domain What is the ability of the government to acquire real property against the
wish of the owner to benefit the general public?
Devise When real property is conveyed to a party through a will, the real property is
referred to by what term?
Fee Simple What is the most complete estate in real property?
Puffing What is an exaggerated comment called that is made by a real estate agent about
real property that would not be considered to be factual?
Reconciliation What is the process of arriving at a final market value conclusion from the
estimates of the three appraisal approaches to value?
Estoppel Certificate When an existing mortgage is assigned to the secondary mortgage
market or when it is assumed, what document indicates the unpaid mortgage balance and the
date that the last mortgage payment was made?
Blanket Mortgage What type of mortgage is based on the collateral security pledge of two
properties?
Adverse Possession By what means can a person can make a claim of title by taking over the
real estate of another through continuous, visible and hostile possession for the statutory
period of time?
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Bilateral What is a type of contract in which two parties are legally bound to act?
Grantee What is the name of the party who acquires the title to real property in a deed?
Biennial What is one word that indicates how often a Pennsylvania salesperson's license is
required to be renewed?
Testate What is the condition called when a person dies with a will?
Lis Pendens What is the recorded legal notice that shows existing court action against real
property?
Capitalization What is the process of estimating the value of real property by using the rate
of return and the annual net income?
Open End Mortgage What is the type of mortgage in which the mortgagor could receive
future advances by increasing the the debt up to its original amount?
Redlining What is the act called of denying mortgages to applicants from a certain area
based on factors other than financial qualifications?
$2800 How much money would be charged as the result of a four point origination fee on a
$95,000 property on which there is a $70,000 mortgage?
Statue of Fraud What is the name of the state law that requires agreements of sale to be in
writing?
,Constructive Eviction What is the name of the process by which a tenant is allowed to
abandon a leased property without legal consequences if the landlord causes that leased
property to become uninhabitable?
Usury What is the practice of charging a rate of interest that is higher than is allowed by
state law?
Title Theory The lender is the owner of the mortgaged real estate according to what theory
of mortgage law?
Suit or Action to Quiet Title What is filed in court to settle a cloud on the title and determine
the ownership of real property?
Satisfaction of Mortgage What recorded document indicates that the mortgage has been
paid in full?
Debt What is any amount of money that is charged to someone on a closing statement and
is required to be paid?
Easement in Gross The right of way held by a railroad is an example of what type of
easement?
Avulsion The unexpected and dramatic loss of land as the result of an earthquake is
represented by what real estate term?
43,560 How many square feet are within acre of land?
Ad Valorem Because a tax on real property is based not on the value of the property it is
known as what type of tax?
, Chattels, Personalty List two term that mean personal property
Abstract of Title A brief history of the titles for a piece of land. What is this called?
Eminent Domain What is the ability of the government to acquire real property against the
wish of the owner to benefit the general public?
Devise When real property is conveyed to a party through a will, the real property is
referred to by what term?
Fee Simple What is the most complete estate in real property?
Puffing What is an exaggerated comment called that is made by a real estate agent about
real property that would not be considered to be factual?
Reconciliation What is the process of arriving at a final market value conclusion from the
estimates of the three appraisal approaches to value?
Estoppel Certificate When an existing mortgage is assigned to the secondary mortgage
market or when it is assumed, what document indicates the unpaid mortgage balance and the
date that the last mortgage payment was made?
Blanket Mortgage What type of mortgage is based on the collateral security pledge of two
properties?
Adverse Possession By what means can a person can make a claim of title by taking over the
real estate of another through continuous, visible and hostile possession for the statutory
period of time?
